Systems, apparatuses, and methods for implementing live device driver updates are disclosed. When a processor loads a given version of a device driver, the given version registers with a proxy module rather than registering with the operating system. If a previous version of the device driver is already running, the proxy module provides the given version with a pointer to the previous version. The given version uses the pointer to retrieve static data from the previous version. After the previous version is quiesced, the given version retrieves transient data from the previous version and then takes over as the running version of the device driver. Subsequent versions of the device driver are able to replace previous versions in a similar manner. Also, previous versions of the device driver are able to replace subsequent versions in a similar manner in the case of downgrading.